The “Holy Grail of shipwrecks” is to be lifted from the floor of the Caribbean Sea on the orders of the Colombian government.
The Spanish galleon San Jose, which sank more than 300 years ago, is believed to have been carrying 200 tons of treasure, including gold, silver and emeralds.
Colombia President Gustavo Petro wants the recovery of the shipwreck to be one of the “priorities” of his administration before his term ends in 2026.
Culture minister Juan David Correa told Bloomberg: “The president has told us to pick up the pace.”
The promise to raise the shipwreck comes amid an ongoing dispute over who owns the treasure, which is said to be worth between £3.2bn and £16bn.
Claims to its fortune have also been made by Spain and by Bolivia’s indigenous Qhara Qhara nation, which claims the Spanish extracted the wealth from its people.
A salvage company has also claimed to have first discovered the wreck in 1981.
The Spanish flagship was found in 2015 by the Colombian navy, near the port of Cartagena off the country’s coast with the Caribbean.
Maritime experts consider the vessel to be the “Holy Grail of shipwrecks” as they believe it also holds historical significance which could give more information on the political, social and economic climate in the early 1700s.
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British Royal Navy vessels sank the San Jose on 8 June 1708 during the War Of The Spanish Succession and its precise location remained unknown for around three centuries.
The three-mast 64-gun vessel, which had 600 crew members, will be raised to the surface through a public-private partnership, according to the Colombian government.
Its bounty is said to also include intact Chinese porcelain, pottery and cannons.
